Free Enterprise
The purpose of a Free Enterprise is to give consumers freedom to make economic choices. The basic
characteristics are:
1. _______________ The drive for the improvement of material well-being.
2. ___________________ The ability for anyone to compete in the marketplace.
3. _________________Equal rights to all.
4. ________________________The right to control your possessions as you wish.
5. __________________The right to decide what agreements in which you want to take part.
6. ____________________The right to decide what and when you want to buy and sell a product.
7. __________________ The rivalry among sellers to attract consumers.
Consumers: the buyers in the market
Basic Roles:
1.
2.
__________________________
__________________________
The government should always act in a way to promote the public interest.
Government Roles:
1. ___________________________
2. ___________________________
3. ___________________________
4. ___________________________
Video questions about Eminent Domain
1. Is this an appropriate way for government to intervene in the marketplace?
2. Which features of free enterprise does this practice violate?
_________________ – a situation which goods are not fairly distributed.
_________________ – income level below which a family can’t support themselves
_________________ – an outside influence that causes economic side effects
_______________ externality – get something you didn’t pay for: like a kid using a park, like a
neighbor planting a rose garden in their front yard.
____________ externality– not getting something for what you paid for, like schools for single
people with no kids, parks not used